The shipowner will transport around 1.05t per annum under the 20 year contract which is due to start in the second half of 2016.

It will use two ultramax bulkers for the contract which was secured from SNNC, a joint venture between Posco and nickel ore producer SMSP.

TradeWinds reported earlier this month that KLC had ordered up to four ultramax newbuildings at China’s Yangfan Group.

KLC